Blackstone Inc. $BX Shares Acquired by Provenance Wealth Advisors LLC

Provenance Wealth Advisors LLC grew its stake in Blackstone Inc. (NYSE:BX) by 9,275.3% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 8,719 shares of the asset manager’s stock after buying an additional 8,626 shares during the period. Provenance Wealth Advisors LLC’s holdings in Blackstone were worth $977,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Associated Banc Corp bought a new stake in Blackstone during the third quarter valued at $273,000. Oregon Public Employees Retirement Fund grew its holdings in Blackstone by 0.9% during the 3rd quarter. Oregon Public Employees Retirement Fund now owns 92,250 shares of the asset manager’s stock worth $10,340,000 after acquiring an additional 830 shares during the period. Stiles Financial Services Inc raised its position in shares of Blackstone by 6.2% in the 3rd quarter. Stiles Financial Services Inc now owns 25,408 shares of the asset manager’s stock worth $2,848,000 after acquiring an additional 1,484 shares in the last quarter. Hopwood Financial Services Inc. raised its position in shares of Blackstone by 7.5% in the 3rd quarter. Hopwood Financial Services Inc. now owns 2,032 shares of the asset manager’s stock worth $228,000 after acquiring an additional 142 shares in the last quarter. Finally, Summit Wealth Group LLC Co. lifted its stake in shares of Blackstone by 73.5% in the 3rd quarter. Summit Wealth Group LLC Co. now owns 4,338 shares of the asset manager’s stock valued at $486,000 after purchasing an additional 1,837 shares during the period. 70.00% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Blackstone news, Director Joseph Baratta sold 100,000 shares of the stock in a transaction dated Friday, September 18th. The shares were sold at an average price of $123.80, for a total value of $12,380,000.00. Following the completion of the sale, the director owned 771,599 shares in the company, valued at approximately $95,523,956.20. This trade represents a 11.47% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CAO David Payne sold 9,500 shares of the stock in a transaction that occurred on Tuesday, August 11th. The shares were sold at an average price of $145.23, for a total value of $1,379,685.00. Following the sale, the chief accounting officer directly owned 64,448 shares of the company’s stock, valued at $9,359,783.04. The trade was a 12.85% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders purchased 464,792 shares of company stock worth $12,205,945 and sold 4,047,276 shares worth $33,507,144. 1.00% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several research firms recently commented on BX. Citizens Jmp decreased their target price on Blackstone from $190.00 to $165.00 and set a “market outperform” rating for the company in a research note on Thursday, July 9th. TD Cowen dropped their price target on Blackstone from $154.00 to $144.00 and set a “buy” rating on the stock in a research note on Monday, October 12th. HSBC restated a “hold” rating and set a $135.00 price target on shares of Blackstone in a report on Monday, July 20th. Credit Suisse Group set a $165.00 price objective on shares of Blackstone in a research note on Friday, October 23rd. Finally, Wells Fargo & Company started coverage on shares of Blackstone in a research report on Friday, October 2nd. They set an “equal weight” rating and a $122.00 target price on the stock. Thirteen research analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $144.57.

Blackstone Trading Up 6.3%

NYSE BX opened at $125.61 on Thursday. The company has a quick ratio of 0.72, a current ratio of 0.71 and a debt-to-equity ratio of 0.68. Blackstone Inc. has a 52 week low of $101.73 and a 52 week high of $165.14. The business has a 50 day moving average price of $121.32 and a 200-day moving average price of $123.91. The company has a market cap of $94.29 billion, a price-to-earnings ratio of 27.91, a P/E/G ratio of 1.50 and a beta of 1.52.

Blackstone (NYSE:BX) last issued its earnings results on Thursday, October 22nd. The asset manager reported $1.32 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.26 by $0.06. Blackstone had a return on equity of 23.16% and a net margin of 22.11%. The company had revenue of $3.06 billion for the quarter, compared to analysts’ expectations of $3.27 billion. During the same period last year, the business earned $0.80 EPS. Blackstone’s quarterly revenue was down .8% compared to the same quarter last year. As a group, equities analysts expect that Blackstone Inc. will post 5.89 earnings per share for the current fiscal year.

Blackstone Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, November 9th. Stockholders of record on Monday, November 2nd will be paid a $1.12 dividend. This represents a $4.48 annualized dividend and a dividend yield of 3.6%. The ex-dividend date is Monday, November 2nd. This is a negative change from Blackstone’s previous quarterly dividend of $1.29. Blackstone’s dividend payout ratio (DPR) is currently 99.56%.

Blackstone Profile

Blackstone Inc (NYSE:BX) is a global alternative asset management firm that provides investment and advisory services to institutional investors, companies, and qualified individual investors. The company manages capital across private equity, real estate, credit and insurance, infrastructure, hedge fund solutions, secondaries, and growth-oriented investments.

Blackstone invests in and manages portfolios of businesses, properties, infrastructure assets, and credit instruments across a range of industries.